With the rise of cryptocurrencies, malicious actors are constantly looking for new ways to profit. One such method, cryptojacking, which saw a boom during the 2017/2018 crypto bull run, is still relevant today. Cryptojacking allows hackers to use your computing power without permission to mine cryptocurrency, mainly targeting users who are unaware of the threat. In this article, we’ll dive into what cryptojacking is, how it works, and what you can do to protect yourself in 2024.
What is Cryptojacking?
Cryptojacking refers to the unauthorized use of a person’s or device’s computing power to mine cryptocurrency. Typically, it happens when a malicious script is embedded into a website, app, or email, which then runs on the user’s computer or device without their knowledge. Unlike ransomware or viruses that may damage your files, cryptojacking slows down your machine and significantly increases energy consumption—ultimately affecting the lifespan of your hardware.
The name cryptojacking is a combination of “cryptocurrency” and “hijacking,” signifying how these attacks exploit users’ computers to mine digital coins without their consent.
A Brief History of Cryptojacking
Cryptojacking became popular during the 2017 crypto bull run, when Bitcoin, Ethereum, and altcoins surged to new heights. Website owners saw this as an alternative revenue stream, often embedding cryptojacking scripts like Coinhive into their sites to mine Monero.
Coinhive, one of the most infamous cryptojacking scripts, allowed websites to leverage their users’ CPU power to mine Monero, providing an alternative to traditional ad revenue. At its peak, Coinhive generated an estimated $250,000 per month in Monero revenue, before shutting down in March 2019. Other browser-based cryptomining services such as ea-mine.com and webminepool.com quickly followed suit but failed to maintain relevance after the Monero hard fork and the collapse of many cryptocurrencies in 2018.
Why Cryptojacking Declined
The decline of cryptojacking scripts was primarily driven by several factors:
- Crypto Market Crash: As the prices of popular coins like Bitcoin, Ethereum, and Monero declined after the 2018 crash, browser-based mining became far less profitable.
- Regulation & Browser Protection: Browsers like Google Chrome, Firefox, and Safari began detecting and blocking websites with cryptojacking scripts, sending warnings to users about sites consuming excessive computing power. For example, Who Is Mining (whoismining.com) was a tool that helped users identify cryptojacking scripts embedded in websites, raising awareness.
- Security Enhancements: Increased focus on web security saw website hosts and content management platforms cracking down on cryptojacking activities by enforcing stricter regulations and protections.
Cryptojacking in 2024: New Methods, New Threats
Although browser-based cryptojacking has become less common, the threat is far from over. Cybercriminals have now shifted to more covert methods, such as infecting devices with crypto-mining malware. Here’s how cryptojacking is evolving in 2024:
- Malicious Downloads and Emails: Instead of embedding scripts in websites, hackers are now tricking users into downloading crypto mining malware via fake software updates, infected ads, or phishing emails. Once installed, this malware runs silently in the background, mining cryptocurrencies like Monero and Ethereum.
- Cloud-Based Attacks: Another rising threat in 2024 is cryptojacking in cloud infrastructure. Hackers infiltrate insecure cloud services to mine cryptocurrency using cloud computing resources, leading to higher costs for companies who are unaware of the attacks.
How to Protect Yourself from Cryptojacking in 2024
While cryptojacking may not be as prevalent as it once was, the evolving tactics of cybercriminals mean that you must remain vigilant. Here are some tips to stay protected:
- Install Anti-Malware Software: A reliable antivirus program can detect and block cryptojacking scripts and malware before they can cause damage to your device.
- Use Browser Extensions: Browser extensions like NoCoin and MinerBlock help block cryptojacking scripts from running on websites, offering an extra layer of protection.
- Update Software Regularly: Ensure that your operating system, browsers, and any other software are always updated to patch any security vulnerabilities that could be exploited by cryptojacking malware.
- Monitor System Performance: Unusually slow performance or high CPU usage could be a sign of cryptojacking. Regularly check your device’s resource usage, especially after visiting suspicious websites or downloading new software.
- Educate Yourself on Phishing: Many cryptojacking attacks in 2024 are delivered via phishing emails. Be cautious about clicking on unknown links or downloading attachments from unsolicited emails.
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Conclusion
Cryptojacking might not be as prominent as it was during the 2017 bull run, but it’s still a growing threat in 2024. By staying vigilant and using the right tools, you can protect your devices and ensure that your crypto trading remains safe and profitable.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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FAQ
What are crypto alerts, and how can they help my trading strategy?
Crypto alerts are notifications that inform traders of significant market movements, such as price changes or key trading opportunities for cryptocurrencies like Bitcoin, Ethereum, and altcoins. These alerts help traders react quickly, making informed decisions without spending hours analyzing charts or trends. With Coin Push Crypto Alerts, you receive timely signals tailored to your preferences, helping you stay ahead of the market.
Does Coin Push Crypto Alerts offer buy or sell recommendations for specific cryptocurrencies?
No, Coin Push Crypto Alerts does not provide buy or sell recommendations or directly engage in trading activities. Instead, the service offers market signals and insights that highlight potential opportunities based on your chosen settings. You remain in control of your trades, and it’s important to combine these alerts with your own research and analysis to make informed decisions.
How can I ensure my device is secure while using crypto signals apps like Coin Push Crypto Alerts?
To protect your device while using crypto signals apps, make sure to install reputable anti-malware software, keep your system and apps updated, and avoid downloading attachments or clicking suspicious links. Coin Push Crypto Alerts focuses on providing a secure, non-intrusive experience, ensuring your device isn’t compromised by malicious activities like cryptojacking. Always monitor your device’s performance and use browser extensions like NoCoin or MinerBlock for added protection.
